New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-06-17
PANIC ALLAYED IN CHICAGO.
KERsHAw TRYING TO SAVE CASH WHEAT
A MILLION AND HALF OF PROFITS AT STAKE
HEAVY SUIT AGAINST ROsHNFELD co.
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CHICAGO, June l6.-Wheat opened quietly this
morning aud with greatly improved tone From ~
IL cents. July advanced at to 73 IL. The price
seemed to hold pretty we'll around 73 cents. There
was some surprse that no more failureslwere an
nouneed at the opening. This relief The fret
announcement this morning by the Secretary was
reassurng. j. A. Edwards & Co.. denied that they
were embarrassed and declared themselves perfectly
solvent To-day's market was altogether without
sensational feature IL there had been glance at
the crow IN the pit and no knowledge OF what was
transpirng outside, the dial which simply tho
fluctuations would have told humdrum story. July
wheat did not sell under ~ 5-S nor above 73 1-2 so
that the range moderate ana altogether unsensa-
uonal Ii was the same way In the other pits There
would have been good deal buoyancy II 1t had
not been for Hutchinson a good deal: less II the
exporters at Newly ork had not been buyers
and If few OF the here S. v. White, Armour and
Others had not been large buyers. The selling of
wheat by Hutchinson at the height of the panic yes
terday and his ostent4tous selling to-day when the
market was the weakest created q storm of indigna-
ton. 1t was pronounced mean-spirted, and Kershav
charged that il done for the purpose of gobbng
q lot of cash wheat which the Corn Exchange Ma
tional Bank had
At noon II was announced that Everybody had
gone throu gh the clearing house." This meant, it
thought that there to folio " announcements
OF failure. 1t the most cheering piece OF news
that the board could have. and the market at once
showed its influence. July wheat ad, anced about
cent II was than any body expected. July sold
to 73 IL cents and above. Unfortunately tho
arnounC emcnt counted for n little than 1T was
worth. Within few minutes OF the good news from
the clearing house. Messrs j. j. Bry Co. ordered
their trades closed. The failure probably came from
tarades open from doing clique business The market
was clearly in a place where 1t taking care of IT.
self. Bryant 81 Co. we're carrying 100000 bushels
OF cash wheat for Kershav and probably perfectly
solvent, hut their money is all tied up. Nobody was
willing TO take the cash wheat at figure that would
satisfy Kershaw, and 40 Bryant & Co. thought the
easiest way ont to order ope1 trades cosed 1t
did not afect the market. JuIy wheat declined only
Ii cent aud steady. Il. K. Balding & Co. had
70 the board to cloi out their trades today
The talk centred for while to-day new plan for
clearing trades. II embodied in petition 1t
proposes daily clearance of trades aud settlement of
losses such "a Is now in effect tho Board OF Trade
Stock Exchange IL Is urged by most OF tho good men
OF the board but, also opposed by some capable and
experienced traders.
In the afternoon the market not buoyan as it
was up 70 | O'Clock Armour took vessel room for
200 900 bushels of wheat at 10 IL cents to New
YORK and he bid for room for zoe 900 bushels more
II was probably the depression resulting from the final
abandonment of all hope concerning Kershaw that
lowered July to ~ 81 cents in the afternoon. The
export business was large at NewYork. j. H. Fisher
s said to have cabed to day from Europe TO buy
August wheat.t July wheat closed at 73 cents July
corn AT 81 2 cents July ibis at 81 ID.
The following notice given this morning by Kershaw
& Co. created considerable uncasiness
"Nothng be decided until 1 o'clock. We are
promised by that time positive Knowledge whether the
remittanoes OIL the way which we are led TO be-
lievo will come"
The cash wheat. 10000, 900 bushels, margined,
most of it, down TO 20 ceuts is the stake Kershav Is
trying to save It is worth less than rs cents if
sold at :he seaboard and shipped worth perhaps 7S
cents II that ia sold out 70 cents there is loss of
81 900 900 to $1.500000. He may save this, II the
banks 40 not become panic stricken along with the
rest Oi the community and throw over while nobody
has tho money and courage to take It, hershaw PAID
out S6s 900 yesterday TO different commission houses
bat th. was be they cung TO him with stories OF
impending disaster to themselves that made his heart
warp his ia lgment. " | believe that made an un-
harpy Yesterday, in that he sad this morning
The following certified cnecks wers paid yesterday
il il reported by c. J. Kershnw & Cot Orr & Comes
s3O,OOO; William Dunn & Co. $4,000; Elevators,
$50 900; B. j. McCeary & CO.. $4,000; 5. ID.
Eldridge & Co. $1,000; JT Lester & Co.. $4,000
Srhwartz Dupee g. Co., $4,000; NJ. B. Gratis Il
CO., 50. 900; =. B. Wc.re Co., $4,000; Total,
100000.
Afier witehno deposited 5000 900 to the credit of
Korshaw & Co. yesterday, there nearly SoOO,OOO
Oh deposit subject as he supposedsto his edeck.t he
hurried down to the office OF Armour & Co., and there
told his friend =. ID. Armourloi his position and.h
ability to stand everything down TO 10 cents Ii was
not until. 10:45 O'clock when he went into Armours
office again, that he was tod that his checks we've
The trouble that Immediately alter kershsw lett
the American Exchange Bank, and when Wiltshire
produced the $4,000 to 60 as he supposed 70 the
credit OF Kershaw. Irwin, Green Co. demanded half
OF IL. President IRWIN is the senior partner In thls
house and had this advantage that he could credit
the money a. he was disposed ,tO. When kershaws
check Tor 5000. 600 from the Clearing House went
down tor certiicatIon IL was thrown out Some big
checks nad however gone throngf all. right before
Among them were checks to Schwartz, Dupce 81 Co..
T.. B. Weare & Co, William Dunn 4 Co., and few
Others aggregatng Perhaps %l5OOOO. Even after
Irwin Green Co. hld taken S3oGooo ot tne te er
the certihcation OF .he Clearing House check II
sos O00 had not been checked against, and II tho
holders OF the checks had not rushed at once to the
bank and got their checks certified Dewar ker-
shaws partner says that their clearinghouse sheet
yesterday, originally only called tor lO0oo. ms
was up to nearly II o'clock Alter that there was
rah OF men their offices who claimed that they had
cosed out trades TOR .ker-haw ~ Go. which they had
forgotten to pnt on their slips These late reports
ing House to $222 800. Dewar also snys that oerl-
ihcd check for $4,000 was Faid to j. B McCleary,
and that thirty minutes later he announced his susPen
sion. check 50 900 as also gwen to- ,. ~ Ed
Tho clerks oHicos in the Court House haa hardly
opened to-day before the attorneys tor suffering Board
of Trade spectators began orowdng in with andaVits
tor attachments which to have service secured.
Among the first to appear was Francis A. haae a Who
case" he said in his soft persuasive way and receiv
ing the blank proceeded to write: "Joseph w WIT
shire aud Howard Eckort doing BUSINESS as wiltshire
Eckert g. Co. against Maurice Rosenfeld and Frank
Johnson doing business IA Maurice Roseneld Il Co.,
trrspass. the on promises, sZ'OOo,ooo' "hen
this was done he paid the clerk f0 and retired with
"a summons directed against the defendant Wiit-
shire Eckert Cot assert that they were sold out
without authority and without having an opportunity
put up margins. They further claim that TIE fuhus
furnished the r were used according to instruc-
tions and that if they had been used tho firm reed
not have tailed and the -market would not have been
depressed. II is also claimed that defendants owe
Kershaw Go. $3.50 900 and that they are liable 10
re pay the money advanced them AS margins
No FAILURES AT The EXCHANGE HERE.
ATTACHMENTS AGAINST THE CHICAGO BROKERS sE-
CUsED IN THE SUPREME COURT
At the Produce Exchange yesterday the unsettled